Analyst: Bitcoin's daily line shows minor negative fluctuations, focus on the trends of Ethereum and altcoins

According to analyst Chongfeng Duck Army on platform X, the latest market data shows that Bitcoin's daily chart presented a small bearish candle with upper and lower shadows, with trading volume more than doubling from the previous day, indicating a state of high-level market oscillation. Technically, the daily MA30 line continues its upward trend, but the MACD indicator above the zero line shows an increase in downward momentum, suggesting the market is in a state of severe overbought and may continue to oscillate in the short term.

On an hourly level, the market is experiencing quick rises and falls, requiring traders to be extremely cautious when handling contracts. Despite Bitcoin's current stability, the continued strength of Ethereum could activate the altcoin market. Investors should be bold in entering the market when prices drop, as altcoin movements are rapid and unpredictable.

Bitcoin's current daily resistance levels are between 98,800 and 126,000, with support levels ranging from 93,400 to 82,900. The market is undergoing a series of bounces, potentially retracing towards the 8-hour EMA52 line. Short-term trading strategies suggest going long at positions 93,400 and 90,260 and considering short positions at 98,200. Moreover, liquidation heat map analysis indicates significant short orders awaiting clearance between 97,500 and 98,000, while the 94,350 to 92,700 region is bolstered by a large number of buy orders.